The contest is aimed at assisting emerging artists and bolstering BC's music scene. It is organized by Vancouver radio station 100.5 The Peak and non-profit group Music BC.

Although it may not be as prestigious as, say, the Polaris Music Prize, it's a lot more lucrative, with the bands taking $150,000, $75,000 and $50,000 for first, second and third place, respectively.

The contest took applications from unsigned artists from all over BC and narrowed it down to 19 finalists, who attended a boot camp that trained them in performance, songwriting, marketing and promotion. The three finalists were then chosen by voters on the project's website.

The winner of the contest will be announced January 22, when the three bands will play at the Commodore Ballroom in Vancouver.